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Get free independent whole of market advice
Taking your first steps onto then property ladder can be exciting but also daunting.
There’s a lot to think about and even more to do – having saved the deposit you need to find the right area, visit Estate Agents, view properties to find the right home and that’s before you apply for a mortgage.
Mortgage Health Check can help.
Why speak to Mortgage Health Check
Not sure where to start speak to a Mortgage Expert for free advice with no obligation to proceed.
With thousands of mortgage products we'll ensure you find the right product to meet your needs.
Who will be with you throughout the whole process from the initial call through to you putting the key into the door of your new home.
As a first-time buyer we know you’ll have loads of questions and we are here to help.
The most frequently asked questions are below but if you have any other question that aren’t there get in touch and we’ll answer it for you, we’ll also add it to our list as if you are asking the question someone else will be thinking it.
You are considered a first time buyer if you or the person you’re buying a property with has never owned a home before.
The term is slightly misleading though, if you inherit a property, you will still be considered a first time buyer when you actually ‘purchase’ your first property.
Your deposit will vary depending on the Lender or if you use a first time buyer scheme.
At a minimum, you’ll need at least 5% of the property value. However, the more you can put down for your deposit, the better rate of interest you’ll get as you’re considered a lower risk.
The majority of lenders will accept a deposit as a gift from family members and some will even allow a family member to be a guarantor if they have their own property.
This will depend on a variety of factors, such as:
The amount of deposit you have
How much you’d like to borrow
Your income
Your outgoings and credit commitments
Whether you need to make home improvements
Speak to a FCA registered Mortgage Advisor, who will be able to advise you on your affordability and how much you can borrow as a first-time buyer.
There a various types of mortgages and your dedicated Mortgage Advisor will look at your circumstances and advise on the best product to meet your needs.
Check out our mortgage rates page for more details.
This depends on the cost of the property, you will have to pay Stamp Duty Land Tax (SDLT) if your property is in certain brackets. If your property value is:
Under £300,000 – you won’t need to pay SDLT if you’re a first time buyer
Between £300,001 and £500,000 – you’ll have to pay 5% on every pound over £300,000
£500,000 – Normal rates of SLDT apply
You’ll need to supply documents to verify your income, outgoings, proof of deposit, credit history and Identity.
Your dedicated Mortgage Advisor will source the best product for you after assessing the documents you supply from the whole of the mortgage market and talk you through the mortgage including interest rate, type of mortgage, monthly payments and any conditions on the mortgage.
Once you are happy with the mortgage product they have sourced the Mortgage Advisor will complete the application on your behalf and deal with the Lender throughout the application.
The standard documents required for first time buyers are:
3 months payslips
3 months bank statements
Proof of deposit
Proof of ID
Proof of address for the last 3 years
Copy of your credit report (available for free) this isn’t required by the Lender as they do their own credit search but it’s good practice to check your credit report regularly to ensure there’s nothing on it that may affect your mortgage application.
The Lender may ask for additional documents but to start the process the above documents are required all these documents can be emailed to us.
A DIP is a Decision in Principle sometimes called an Agreement in Principle (AIP).
The DIP is where the Lender agrees in principle to lend you the money to purchase your property.
An Estate Agent may ask for a copy of the DIP to show that you can afford to purchase the property.
Obtaining a DIP is not a mortgage offer the Lender will still assess your affordability and check your credit rating to ensure that you can repay the money they may lend you.
A Conveyancer is a Solicitor who deals with property transactions.
At Mortgage Health Check, our FCA registered mortgage broker has a panel of Conveyancers who can act on your behalf or you can arrange your own Conveyancer if you would prefer.
The mortgage process can be
complicated and not always easy
to follow. We translate the complex
information into easy-to-understand
wording to ensure you understand
all the important bits without the
confusing jargon.
Complete the contact form tell us a bit about yourself and we’ll call you back at a time of your choosing.